MARKET DEVELOPMENT
Soyoil, CPO Prices Likely To Remain Firm: Fortune Financial
Soyoil, CPO Prices Likely To Remain Firm: Fortune Financial
18/04/2013 (MoneyControl.com) - Fortune Financial Servies has come out with its report on agro commodities. According to the research firm, Soyoil and crude palm oil prices are likely to remain firm in the next six to seven trading sessions on revival in demand from stockists ahead of the festival and wedding season when consumption goes up.
Soybean and soyoil futures on National Commodity and Derivatives Exchange today ended lower on profit sales amid rising arrivals and slowing domestic demand.
Demand for soybean from mills and crushers has been muted since Monday due to slowdown in domestic soymeal demand amid higher arrivals.
Soyoil futures were also down due to weakness in raw material prices, coupled with stronger rupee against the dollar. Mustard futures ended down over 2 percent tracking the weakness in soy complex. Steady arrivals also kept prices under pressure.
Mentha oil futures on MCX ended up due to short covering.
Among spices, chilli futures ended down over 3 percent taking cues from spot market, where prices declined on weak demand due to concerns over the quality of the crop. Notwithstanding the improved domestic and export demand for jeera in the spot market, futures ended down over 2 percent due to rise in arrivals. Higher production estimates for the spice this year also dampened sentiment.
Pepper futures ended lower on subdued demand. Cardamom futures on MCX ended down 4 percent due to sluggish demand.
Positional View: Soyoil and crude palm oil prices are likely to remain firm in the next six to seven trading sessions on revival in demand from stockists ahead of the festival and wedding season when consumption goes up. However, soybean and mustard are susceptible to some downward correction on weak fundamentals in domestic and international markets, though the current uptrend may be stretched a little.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Soybean and soyoil futures on National Commodity and Derivatives Exchange today ended lower on profit sales amid rising arrivals and slowing domestic demand.
Demand for soybean from mills and crushers has been muted since Monday due to slowdown in domestic soymeal demand amid higher arrivals.
Soyoil futures were also down due to weakness in raw material prices, coupled with stronger rupee against the dollar. Mustard futures ended down over 2 percent tracking the weakness in soy complex. Steady arrivals also kept prices under pressure.
Mentha oil futures on MCX ended up due to short covering.
Among spices, chilli futures ended down over 3 percent taking cues from spot market, where prices declined on weak demand due to concerns over the quality of the crop. Notwithstanding the improved domestic and export demand for jeera in the spot market, futures ended down over 2 percent due to rise in arrivals. Higher production estimates for the spice this year also dampened sentiment.
Pepper futures ended lower on subdued demand. Cardamom futures on MCX ended down 4 percent due to sluggish demand.
Positional View: Soyoil and crude palm oil prices are likely to remain firm in the next six to seven trading sessions on revival in demand from stockists ahead of the festival and wedding season when consumption goes up. However, soybean and mustard are susceptible to some downward correction on weak fundamentals in domestic and international markets, though the current uptrend may be stretched a little.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.